Goods and Services Tax (GST) is a replacement to all indirect taxes levied on goods and services by the Government, both Central and States. The GST will consolidate all State economies. The idea is to create a single, cooperative and undivided Indian market to make the economy stronger and powerful. The GST will make a significant breakthrough paving way for an all-inclusive indirect tax reform in the country.
The Goods and Services Tax (GST) is levied at multiple rates ranging from 0 per cent to 28 per cent. GST Council finalized a four-tier GST tax structure of 5%, 12%, 18% and 28%, with lower rates for essential items and the highest for luxury and de-merits goods that would also attract an additional cess.
The lowest rate of 5% would be for common use items. Highest tax slab will be applicable to items which are currently taxed at 30-31% (excise duty plus VAT). Ultra luxuries, demerit and sin goods (like tobacco and aerated drinks), will attract a cess for a period of five years on top of the 28 per cent GST.
The GST will subsume the multitude of cesses currently in place, including the Swachh Bharat Cess, the Krishi Kalyan Cessand the Education Cess. Only the Clean Environment Cess is being retained, revenues from which will also fund the compensations.
The Central GST or CGST is the areas where the centre has the powers and State GST where the State has taxation capabilities. The IGST or Integrated GST is for movement of goods within the states of the Indian union. This will be collected by the union however will be transferred over to the states.
ADVANTAGES OF GST REGISTRATION
Many industries were earlier unorganised or unregulated means they were doing business in an very unplanned manner. Now GST has brought these type of units under its regulator which would help these business grow and also help in contributing to the economy.
Filing the GST is avery simple and easy online process . Its no longer about running here and there to file different types of taxes
with different rates.
GST has brought uniformity and confidence in the Indian Tax System, this is due to its uniform rates all across the country. People
have more trust in the fixed rates rather than different rates because it creates confusion and also prone to errors.Earlier even states used to have different rate slabs.
GST has brought relief to small and medium entrepreneurs by the way of composition scheme. They can opt for composition scheme to lower their taxes.
GST has brought transparency in the Indian taxation system , due to which every business entity has to pay GST and its become difficult for the offenders to evade tax . Fewer tax evaders means more money for the running the economy and development of the country. Its fool proof system has already started benefiting the county.
Compared to earlier taxation system when VAT / Service / Tax/ Excise/ CST where applicable it s was a tedious task to calculate different taxes at different rates in different states. Also the due dates for the filing of returns for these taxes were different which meant higher compliance for the finance manger. GST has simplified this and can be managed with minimum compliance to be followed .
Logistic companies had to maintain warehouses across to avoid CST and entry taxes for interstate movement of goods . This increased operational costs have been reduced due to GST. for the logistics companies.
- Company pan card
- Certificate of incorporation / Deed/ Shop Act
- Business Account signed cancelled cheque
- Registered Business Electricity Bill
- Rent Agreement ( if business premises rented)
- All Directors Pan card, Adhar, 2 Photos
- Valid email id and mobile no of any 1 Director
- Digital Signature of any 1 Director
- Mobile no of all Directors/Partners/Proprietor
- Email Id of all Director/Partner/Proprietor
- Nature of Business (Proprietorship Firm)
What we Do
- Procure documents from Client
- Preparation of Application
- Filing of ST1
- Filing of ST2
Steps For GST Registration
Preparation of Application
Filing of ST 1
Filing of ST 2